One of the basic requirement of every human being is a house. However purchasing an own house in India is like a dream come true for many individuals. In India, only high-income group and few middle-class people can afford to purchase a house. A lower income group has no option or very few option for the housing. To address this issue the government of India has taken a major step towards launching Pradhan Mantri Awas Yojana PMAY or housing for all scheme. This scheme will ensure that people will get a house based on their financial capacity. In this post, we will learn about Pradhan Mantri Awas Yojana (PMAY) and Subsidy Loan applicable under this scheme.
What is Pradhan Mantri Awas Yojana (PMAY)?
Pradhan Mantri Awas Yojana Scheme is an affordable housing scheme launched by the government of India. The vision of this scheme is to provide pucca house with water connection, toilet facilities, and 24×7 electricity supply to every family by 2022. The year 2022 is selected because by that time nation completes 75 years of its independence. The basic objectives of this scheme are given below.
Also Read – Pradhan Mantri Vaya Vandana Yojana Plan 842 – Review
Objectives
- To provide affordable housing for weaker section through credit link subsidy scheme
- Affordable housing in partnership with public and private sectors
- Slum rehabilitation
- Subsidy for beneficiary-led individual house construction /enhancement.
Target Group
- Poor people of India belonging to Lower Income Group (LIG) and Economically Weaker Section (EWS) group.
Scope of Scheme – Across India
Launched by – Prime Minister Narendra Modi
Eligibility Criteria-
You are eligible to apply for a house under Pradhan Mantri Awas Yojana (PMAY) if you are from Low-income group, Economically Weaker Section group or Mid Income Group.
Low Income Group (LIG) – LIG households are defined as households having an annual income between 3 Lakh to 6 Lakh.
Economically Weaker Section (EWS) – EWS households are defined as households having an annual income up to 3 Lakh.
Mid-Income Group-1 – Individual with house hold income between 6 Lakh to 12 Lakh falls under this group.
Mid-Income Group-2 – Individual with house hold income between 12 Lakh to 18 Lakh falls under this group.
Another condition is that you should not have any house on your name.
If you are fulfilling above two conditions you can apply for PMAY.
Also Read – Pradhan Mantri Suraksha Bima Yojana and Jeevan Jyoti Bima Yojana
Subsidy Loan- Credit linked subsidy scheme
The subsidy loan under Pradhan Mantri Awas Yojana is known as a credit linked subsidy scheme. This scheme is available at a majority of public and private sector bank such as canara bank, bank of India, ICICI bank etc.
- Under this scheme Beneficiaries of Economically Weaker section (EWS) and Low Income Group (LIG) seeking housing loans from Banks, Housing Finance Companies and other such institutions would be eligible for an interest subsidy at the rate of 6.5 % for a tenure of 15 years or during tenure of loan whichever is lower.
- The credit linked subsidy will be available only for loan amounts upto Rs 6 lakhs and additional loans beyond Rs. 6 lakhs, if any, will be at nonsubsidized rate. Interest subsidy will be credited upfront to the loan account of beneficiaries through lending institutions resulting in reduced effective housing loan and Equated Monthly Installment (EMI).
- Credit Linked Subsidy loans can be availed for new construction and addition of rooms, kitchen, toilet etc., to existing dwelling as incremental housing.
- Housing and Urban Development Corporation (HUDCO) and National Housing Bank (NHB) have been identified as Central Nodal Agencies (CNAs) to channelize this subsidy to the lending institutions and for monitoring the progress of this component.
| Credit Link Subsidy Scheme | Subsidy Details |
| Lower Income Group/Economically Weaker Section |
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| Mid-Income Group 1 |
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| Mid-Income Group 2 |
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How to apply for Pradhan Mantri Awas Yojana (PMAY)? – Online Method
There forms for applying under Sum Dwellers and other three category is different.
Online Application process for Lower Group Category (Sum Dwellers)
Step 1 – Log in to the official website of PMAY ( http://pmaymis.gov.in/)
Step 2 – From the Top menu bar click on the option “Citizen Assessment.”
Step 3 – From the Drop Down Menu select the option “slum dwellers.”
Step 4 – On the page that appears, you will have to enter your Aadhaar Number and your name, as put forth in your Aadhaar card. In case you do not have your Aadhar Number, you will have to provide your virtual ID.
Step 5 – Once you enter the details you will be redirected to the main application page. Enter the required information such as residential and permanent address, residential income, ownership details of your existing houses.
Step 6 – Check terms of the agreement & enter the proper captcha code that appears on screen. Click on the “Save” option to get your application acknowledgement details recorded on this website.
Online Application process for LIG/EWS,MIG-1 & MIG-2 Category
Step 1 – Log in to the official Pradhan Mantri Awas Yojana website.
Step 2 – From the Top navigate menu bar, click on the option marked “Citizen Assessment.”
Step 3 – You will see drop down option select the “Benefit Under Other 3 Components”
Step 4 – Furnish the details like your Aadhaar card number and your name on the page.If you do not have the Aadhaar card number, you will need to enter your virtual ID.
Step 5 – You will be taken to the new page, where you will have to enter all relevant personal information like your annual household income, residential and permanent address, etc.
Step 6 – Check the terms of the agreement at the bottom of the page & enter the captcha code that appears and register the details provided with the website.
Make sure to keep all documents ready before starting the process. You will need Aadhaar, PAN, residential proof, Income proof, Affidavit stating that you don’t have any pucca house, Approved plan for construction, NOC by society, letter of property allotment & receipt of advance payment made.
It generally takes 3-4 months to complete verification and receiving subsidy amount in your account.
How to apply for Subsidy Home Loan under PMAY? – Offline Method
Follow steps given below to apply for Subsidy Home Loan under PMAY scheme.
- In order to apply subsidy home loan under PMAY you need to fill up Individual Home Loan application form.
- Once you complete the form you can submit form directly or through the local ULB. You need to attach self declaration affidavit as a proof of income.
- Final decision on subsidy and loan will be taken by bank (Prime lending agency).
- Bank submits this claim detail to CNA (Central Nodal Agency).
- Central Nodal Agency will release subsidy claim amount to bank.
- Credit link subsidy deposited by bank to beneficiary loan account.
Subsidy Applicable to PMAY
Under this scheme, you can avail following subsidy benefits.
- A Subsidy will be granted to EWS and LIG group under this scheme. The value of subsidy will be in the range of 1 Lakh to 2.3 Lakh. This subsidy will be directly given by central government.
- Government loan up to 6 Lac for the period of 15 years or less will be provided for affordable housing.
- In addition to subsidy amount you can also avail home loan with a lower interest rate under this scheme. The subsidized interest rate under this scheme is 6.5%.
- Female member will get preference of allotment of a house under this scheme.
Final Thoughts
Launching affordable housing scheme is a welcome step by the government and it will surely help Low Income Group people in making their own house.
Let’s hope that by 2022 every individuals of India has basic living facility called as a house.
Rakesh Verma
I have taken a home loan from India Bulls in April-2016, can I take benefit of subsidy under PMAY.
Raviraj Parekh
Dear Rakesh,
The benefit of PMAY should be taken before availing loan. After availing loan you can not take/apply for PMAY benefits.
magesh
dear sir,
Most of the banker have no idea about this subsidy i taken loan from axis
Kumar vimalendu shekhar
my income is Rs 8lac per annum.i have taken loan from union bank of india amounting Rs 8lac on 2014 may I avail subsidy under PMAY.
Shitanshu Kapadia
Dear Kumar,
You can apply for PMAY as you are in Middle income group. However, chance of getting subsidy is low as first preference is given to EWS and lower income group.
Milind Narvekar
Hi my name is milind narvekar, Below are the query
1.On whose name i should fill the from,
2.If, i fill the from on the name of Father then Me & my wife is cover or not under credit link subsidy
Raviraj Parekh
You can fill form on the name of person who is in low income group. If you fill the name on the name of your father you and your wife will not be covered.
Tapan Kumar Biswas
I am Tapan Kumar Biswas. I have taken a home loan (Rs. 11,00,000) under PMAY Scheme on 09.08.2018 but till today I did not get subsidy .
If I would get subsidy, how can I use subsidy in my home loan. Pl direction me
Shitanshu Kapadia
Kindly check if financial institution from where you have taken loan have applied for PMAY subsidy or not.To avail of the subsidy under EWS and LIG category, woman ownership is mandatory.
Meghaben bhratbhai limbdiya
Dear, sir
Most of the banker have a no idea about sabsidy i take a loan canera bank surendranagar branch plz solutions
Shitanshu Kapadia
You need to ask Banker about loan under PMAY.
pr
mere loan ko one year se jyada ho gya hai mujhe abhi tak subcidy nahi mila hai, maine icici bank se pmay ke under loan liya tha, please mujhe koi batayga…………..
apka subh
Raviraj Parekh
Hi,
You must have loan agreement for subsidy.I think you should check at ICICI bank for further information.
PAWAN MEHRA
Is there any online processs
Shitanshu Kapadia
No online process for PMAY yet.Your banker will apply for PMAY after loan is disbursed.
RAJU VERMA
dear sir,
I have taken home loan from gic finance ltd, between 2017-18, could i claim 2.5 lakh PMAY SUBSIDY from this finance company.please help as i below lig group.
RAJU VERMA
9718299527
Shitanshu Kapadia
Dear Raju,
To avail of the subsidy under EWS and LIG category, woman ownership is mandatory. Please confirm property is owned by Woman.
rajesh
Sir
I have been sanctioned a housing loan amount of 30 lakhs from SBI. And as a part of my installment bank sanctioned 3 lakhs so i wish to apply for pmky scheme ..may i know what is the procedure for that.I applied along with a co-aplicant and the property is in my name ..
Shitanshu Kapadia
Dear Rajesh,
Bank has to apply on your behalf.You need to request bank.You can not directly apply
Natwar
क्या मकान खरीदने पर सब्सीडी प्राप्त करने के लिए क्या महिला का नाम रजिस्ट्री मे होना आवश्यक है! महिला नही होने पर पुरुष को 15 लाख का लोन10 वर्ष के लिए लेने पर सब्सीडी की पात्रता आती हैं या नहीं !
Raviraj Parekh
Dear Natwar,
It is mandatory to keep women name in registry. AS per guidelines of Pradhan Mantri Awas Yojna PMAY any house that is acquired by the assistatance of Central Governtment Grant/Subsidy the ownership should be in the name of Female Head of the house hold or in the joint name of Female head of the house hold. Only if there is no adult female in the household the house so aquired can be in the name of the male.
abhishek jain
Hi, I have taken home loan from SBI and it’s about 1 yr to be completed but till now I haven’t got any subsidy.
I am taking follow-up with SBI GM also bit hey are also unable to proyany status .
Can anyone pls help.
Regards
Shitanshu Kapadia
Dear Abhishek,
SBI has to apply on your behalf for this subsidy based on your eligibility.Once it is approved you will get subsidy amount in your loan account.
Raju
hi,
I have recently purchased resale flat where my mother is the first owner and i am the 2nd / co owner and loan is taken from ICICI BANK.
Can i avail the PMAY scheme and how to claim the subsidy?
What will be subsidy amount, if i claim?
Do i need to show my income proof as my mom is housewife?
Thanks in advance.
Regards,
Raju
Shitanshu Kapadia
The scheme classifies applicants into economically weaker sections (EWS) and lower income groups (LIG), with an income of up to Rs 6 lakh an annum for a household, and middle income group (Rs 6 lakh-Rs 18 lakh annual income).If you are in this category you can apply for PMAY via ICICI Bank.
Sudhanshu
i applied for PMAY subsidy but unable to get it’s benefit. Bank always told that please wait we donot have any option to check about it’s progress. what i need to do
Raviraj Parekh
Hello Sudhanshu,
You can go through https://pmaymis.gov.in/ website and check beneficiary list.
VIKASH BHATIYA
Hi Sir
I took loan from ICICI Bank but still now i did not get PMAY Subsidy amount. Please help
Raviraj Parekh
Dear Vikash,
When you have applied for PMAY? Pls provide complete details.
Urmila Sharma
I am Urmila Sharma. I’m taken a home loan (1900000) under lichfl pmay scheme Apr 2018 but not received subsidy. Please refund my subsidy
Loan account. No. 2121003597
LICHFL
Raviraj Parekh
Hello Urmila,
You need to contact LICHFL authority to know further details.
Poonam Shah
Hi,
My name is Poonam Shah.
My query w.r.t. this scheme is as under:
Facts:
1. Currently, Me or My husband, none of us own any house in India.
2. My personal income is 0;
3. My husbands income is 18 Plus Lacs.
Query:
Since My husbands income is mored than 18 Lacs, I understand he can not avail this subsidy despite of the fact that he doesnt own a house in India.
Is it possible for me to buy a house in my name and loan payment can be done by him.
Raviraj Parekh
Hello Poonam,
As your family does not meet condition for PMAY you can not apply for loan under this scheme. You can apply for normal loan and purchase the house.
salman
i need to apply pmay
my income in more than 19 lac per year
but profit is under 3.8 lac
mujhe mile ga
Raviraj Parekh
No Salman, You will not get loan under PMAY.
Heena b girnari
Helo sir i take loan from. Indian bank 12.50 lacs almost 1 year complete but cant get subsidy even form also submit
Raviraj Parekh
Hello Heena,
Please check with bank authority for further details.
komala. S
I am Komala.S I have taken a home loan (Rs. 7,00,000) in Syndicate bank Feb .2016 but till today I did not get any information from the bank. i enquired but they told u r not eligible. please give direction, i would get subsidy?
Raviraj Parekh
Hello,
If bank is saying not eligible they must have checked with the norms.Kindly check with low income group criteria.You are fulfilling this norm or not.
ketur rana
Hi,
i apply home loan at may’2016 at the time i not apply PMAY can i apply now ?
Raviraj Parekh
No You can not apply for PMAY now.
Viviyan
Hi,
I have a plan to built house. I have 1 Plot with Patta. When(Stage) can i apply PMAY scheme.Any suggestion please,,,.
Raviraj Parekh
Hello Viviyan,
You can apply for PMAY for the construction of the house.You can apply at the initial stage of construction.
Arun Kumar Mishra
मुझे प्रधानमंत्री आवास योजना के तहत आवास चाहिए ।मुझे क्या करना होगा बताने की कृपा करें।
kulkanri GA
I take a loan from SBI, Malshiras, Solapur in Maharashtra of Rs 3000000/- and i enquire about PMAY in bank but process is not know to bank also hence you are requested to help me about process of application
Raviraj Parekh
Dear Mr.Kulkarni, Please try online at PMAY Urban site.